The implementation of Equisoft's SaaS policy administration system has enabled Seguros Banorte to automate processes across the carrier's entire value chain and improve customer and agent experiences.
MONTREAL, April 3, 2024 /PRNewswire/ - Equisoft, a leading global digital solutions provider to the financial industry, is pleased to announce the successful implementation of the Equisoft/manage policy administration system (PAS) that uses OIPA as its core at Seguros Banorte, Mexico. This go-live includes the migration of 27 million policies, from 31 products and 104 plans within Seguros Banorte's Group Life Insurance business division.
With the implementation of Equisoft/manage, many of the complex manual processes have been eliminated. The new system has notably streamlined and automated their business operations. This has accelerated the flow of business, reduced bottlenecks, lowered operational costs, and ultimately improved customer and agent experiences.
The introduction of monitoring and validation tools ensured data accuracy and increased fraud prevention capabilities. The agility of the new core system provides Seguros Banorte with autonomous control over product changes and gives them a modern platform on which to build future innovation that drives growth.
"Replacing the core system of an insurance company of the caliber of Seguros Banorte and migrating millions of policies are not easy tasks. But we are thrilled to have successfully completed the first phase of the project," said Mauricio Monroy, Vice President, LATAM and Spain, at Equisoft. "Our team of experts with many years of industry knowledge enabled us to help Seguros Banorte maximize the value of their digital transformation."
Seguros Banorte is one of Mexico's leading insurance companies. The company offers a complete and diverse portfolio of life insurance products, including Income, Term Life, Traditional, Whole Life, Endowment, and Non-Traditional Life Plans.
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Grupo Financiero Banorte is a leading financial institution in Mexico, with the greatest business diversification and that continually seeks ways to innovate in the financial sector, offering a wide variety of traditional and digital products and services, through its brokerage firm, pension and insurance companies, pensions fund manager, investment funds, leasing and factoring companies, the warehouse and recently announcing the inclusion of a digital bank.
Banorte is the second largest financial group in Mexico in credit portfolio, it is the number two provider of loans to governments, and the second most important bank in mortgage loans. Additionally, the retirement fund manager Afore XXI Banorte, of which Grupo Financiero Banorte owns 50%, is the largest in the country in managed resources.
Banorte is the only commercial bank, among the six largest institutions, whose decisions are made locally without the influence of external matrices, which has proven to be an advantage ina dapting with agility to the changes and alternatives that the country presents.
Founded in 1994, Equisoft is a global provider of advanced insurance and investment digital solutions. Recognized as a valued partner by over 278 of the world's leading financial institutions, Equisoft offers a complete ecosystem of solutions, from innovative front-end applications to extensive back-office services and unique data migration expertise. The firm's flagship solutions include SaaS policy administration, CRM, financial needs analysis, financial planning, asset allocation, fund and portfolio analysis, quotes and illustrations, electronic application, agency management systems, as well as customer, agent and broker portals. Equisoft is also Oracle's largest and most experienced partner for the OIPA platform. With its business-driven approach, deep industry knowledge, innovative technology, and multicultural team of experts based in North America, the Caribbean, Latin America, Europe, Africa, Asia and Australia, Equisoft helps its clients tackle any challenge in this era of digital disruption. For more information, please visit .
SOURCE Equisoft Inc.